William's Furniture Store buys a chair at a wholesale price of $140.00. If the markup rate at William's Furniture Store is 35%, what is the total markup for the chair in dollars?
Answer: Remember that a markup rate is a percentage of the wholesale price that a store adds to get a selling or retail price. The amount of markup can be found with the following equation: markup rate $\times$ wholesale price $=$ amount of markup Since the markup rate is a percentage, we have to convert it into a decimal first. Percent means "out of one hundred," so $35\%$ is equivalent to $\frac{35}{100}$ which is also equal to $35 \div 100$ $35 \div 100 = 0.35$ Now you have all the information you need to use the formula above! $0.35$ $\times$ $$140.00$ $=$ $$49.00$ The amount of markup on the chair is $$49.00$.